Stocks Surge as 'Fiscal Cliff' Deal Looms

Stocks jump after President Obama says a deal is in sight but not finalized.

Gold for February delivery spiked $19.90 to settle at $1,675.80 an ounce at the Comex division of the New York Mercantile Exchange, while February crude oil contracts increased $1.02 to close at $91.82 a barrel.

The benchmark 10-year Treasury plummeted 17/32 to boost the yield to 1.761%. The bond market closed early for the holiday. The dollar bumped up 0.11%, according to the U.S. dollar index .

Carlyle Group, Stone Point Capital LLC, Pictet & Cie and Edmond de Rothschild Group were all part of the purchasing deal.

Tribune Co. said it would emerge from its bankruptcy on Monday. The media company, whichowns The Los Angeles Times and The Chicago Tribune, sought bankruptcy in 2008.

Apple ( AAPL) withdrew patents claims against Samsung's Galaxy S III Mini phone after the South Korean company announced it wouldn't offer to sell the gadget in the U.S., according to a Reuters report.

Shares of Apple rose 4.4%, while the stock jumped 31.4% in 2012.

Facebook ( FB) closed out the year of its initial public offering on a high note. Shares of the social networking Web site finished up 2.7%, or 71 cents, at $26.62 -- far short of the company's IPO of $38 a share -- on Monday after a BMO Financial Group analyst upgraded the company's stock and more than doubled its price target. After